The K-1 Letter is the cover letter that accompanies Schedule K-1 for S Corporation, Partnership, and Fiduciary returns.
To edit the default K-1 letter, from the main menu of TaxSlayer Pro select:
- Business Utilities
- Edit Detailed Business Client Letter
If you aren't familiar with the editing process, select View/Print Instructions prior to starting so that you better understand Data Tags and see what information is pulling from the return.
To edit the letter, select Edit Detailed K-1 Letter.
Working with data tags
Data tags are bits of tax return information that pull to the client letter based on what is entered in a business tax return (for example, Dates, Firm Information, and Heading Information). Data tags are contained within "< >" symbols in the Business Client Letter Editor. Data tags are stored in a database and the associated information will appear on the business client letter if it is needed depending on what is contained in the tax return. Data tag titles contained within the < > symbols should not be changed.
Data tags can be moved to a different part of the letter by cutting the data tag (Shift + Delete or Ctrl + X) and pasting it (Ctrl + V) to the place in the letter you would like it to appear. All the Data Tags available for insertion in the K-1 letter are already present in the default letter.
Previewing and saving
To preview the letter, select File in the top left corner of the editor, then select Preview. Choose the client whose letter you wish to preview, then choose a shareholder, and click the Preview button.
When you are finished editing the letter and are satisfied with the changes, click the Save icon on the left-hand side of the toolbar at the top of the editor. Note that once the letter is changed, it will be the default letter for all of your clients.
Resetting the letter
If you wish to start over with the original letter, you can revert the letter back to its initial state by selecting Reset Detailed K-1 Letter from the Business Client Letter Menu.
Editing the letter for one client
To edit the letter for a particular client, open that client's return and select K-1 Letter under View Results. The letter will open in your computer's own word processing program for you to edit and print. It isn't saved in TaxSlayer Pro; the default letter opens each time you select it, so if you wish to save a copy do so within the word processor.